Space travel startup Virgin Galactic gets $280M boost from Abu Dhabi fund buying 32 pct shareOSHKOSH, Wis. — British billionaire Sir Richard Branson signed a deal Tuesday to sell about a third of his space travel startup Virgin Galactic to a Mideast investment fund, giving the venture an influx of cash at a time when the global recession has dried up funding sources. Mideast fund Aabar pays $280 million for almost third of Richard Branson’s Virgin GalacticDUBAI, United Arab Emirates — The Mideast investment fund with the biggest stake in Mercedes-Benz’s parent said Tuesday it will pay about $280 million to buy nearly a third of commercial space travel startup Virgin Galactic. US Navy warns of increased pirate activity with monsoon season ending soonDUBAI, United Arab Emirates — The U.S. Navy is warning of increased pirate activity off the coast of Somalia due to the advent of weather more favorable to the sea-borne criminals. Saudi Prince Alwaleed’s Kingdom Holding posts 83 pct drop in Q2 profits on stocks, hotelsDUBAI, United Arab Emirates — The investment company headed by a Saudi billionaire with a major Citibank stake says its profit tumbled 83 percent in the second quarter because of stock market losses and a slump at its hotel businesses. Emirates judge in case of US citizen held on terror charges abruptly closes hearing to publicABU DHABI, United Arab Emirates — The judge overseeing the case of a U.S. citizen detained in the United Arab Emirates on terrorism-related charges unexpectedly closed a hearing Monday to the public, sparking criticism from an American civil rights group observing the trial. Analysis: Treasury secretary has tough task of marketing US debt amid soaring deficitsWASHINGTON — Timothy Geithner, architect of bank, auto and economic rescue plans, has another high-stakes job these days: traveling bond salesman. US Treasury Secretary Geithner sees ‘durable, very important signs’ of confidence, stabilityPARIS — U.S. Treasury Secretary Timothy Geithner said Thursday he saw “durable, very important signs” of recovery in the financial system — but he warned against repeating the mistakes of the 1930s and withdrawing stimulus too soon. Treasury secretary sets sights on the wealthy Gulf as US eyes Mideast investorsABU DHABI, United Arab Emirates — U.S. Treasury Secretary Timothy Geithner pressed ahead with his sales pitch to Gulf Arab nations Wednesday, telling oil-rich Mideast allies Washington is committed to keeping the dollar strong and promoting sustainable growth as the world pulls out of a recession. Non-Aligned summit in Egypt focuses on global economic meltdown, calls for new financial orderSHARM EL-SHEIK, Egypt — Cuba’s president on Wednesday called for an international financial system that better takes into account developing countries’ interests, as the global recession captured the spotlight at a summit of non-aligned nations. As US eyes Mideast investors, treasury secretary sets sights on UAE officials and wealth fundsABU DHABI, United Arab Emirates — U.S. Treasury Secretary Timothy Geithner pressed ahead with his sales pitch to Gulf Arab nations Wednesday, telling oil-rich Mideast allies Washington is committed to keeping the dollar strong and promoting sustainable growth as the world pulls out of recession. Treasury’s Geithner reassures Gulf leaders recession showing signs of easingDUBAI, United Arab Emirates — U.S. Treasury Secretary Timothy Geithner reached out to Gulf Arab leaders Tuesday, stressing to some of America’s top creditors that his country has a “special responsibility” to steer the world through a global recession that may finally be showing signs of easing. Abu Dhabi’s state-run Aabar buys 40 percent of Daimler’s stake in electric car maker TeslaDUBAI, United Arab Emirates — The Abu Dhabi investment fund that is Daimler’s largest shareholder has bought about 4 percent of electric car producer Tesla Motors, deepening the oil-rich Arab state’s push into green technology. Developer says world’s tallest skyscraper to open this year in Dubai, but date remains unclearDUBAI, United Arab Emirates — The Middle Eastern developer building the world’s tallest skyscraper vowed Monday to complete the tower by year’s end, though the exact date remains uncertain. Geithner’s message to Middle East officials: Your investments are safe in the United StatesWASHINGTON — On his first trip to the Middle East as Treasury Secretary, Timothy Geithner’s message this week will be similar to the one he delivered to Chinese officials a month ago: your investments in the United States are safe. Dubai owner of QE2 considering opening cruise liner as floating hotel in Mideast or AfricaDUBAI, United Arab Emirates — The cash-strapped Dubai owner of the QE2 is weighing plans to open the British ocean liner as a floating hotel elsewhere in the Middle East or Africa rather than in the struggling Persian Gulf sheikdom. US says nuclear pact with United Arab Emirates tightly written to avoid transfers to IranWASHINGTON — The U.S. would cancel a nuclear energy agreement with the United Arab Emirates if the Middle East nation were to violate any terms of the deal, an Obama administration official said Wednesday. Up to 30 feared dead after ship capsizes off Qatar capital Doha in rough Persian Gulf watersDUBAI, United Arab Emirates — As many as 30 people are feared dead after a ship capsized and quickly sank in choppy Persian Gulf waters off the Qatari capital Doha, the vessel’s operator said Wednesday. Standard & Poor’s cuts ratings of 3 Dubai-run government related entitiesCAIRO — A leading international ratings service said Tuesday it had cut its credit rating of three Dubai government-backed entities, voicing concerns about the emirate’s willingness to continue backing some companies in the one-time Arab boomtown hard hit by the global recession. Dubai’s Emaar in merger move to create real estate giant with low debtCAIRO — The Dubai developer behind the world’s tallest building plans to merge with three rivals owned by the sheikdom’s ruler, in a consolidation aimed at better coping with a global meltdown fueled weakness in the one-time Arab boomtown’s real estate sector. Despite long-severed diplomat ties, US government has opened some paths to deciphering IranWASHINGTON — During a 29-year absence of formal diplomatic ties with Iran, the U.S. government used many channels to gain insights about the Islamic regime’s inner workings, from CIA contacts and meetings with Iranian exiles to relayed information from friendly foreign diplomats. US citizen denies terror charges in Emirates court, says confessed after tortureABU DHABI, United Arab Emirates — A U.S. citizen of Lebanese origin denied terrorism-related charges against him in the United Arab Emirates supreme court on Sunday and said he confessed under pressure because he wanted the “beatings to stop.” Saudi’s Kingdom Holding picks Dubai’s Emaar to oversee development of world’s tallest buildingCAIRO — The Saudi investment firm run by a Saudi billionaire with a big Citigroup stake is pressing ahead with plans to build the world’s tallest building despite the global meltdown. Fear of Iranian influence, Obama words swayed Lebanese Christian voters to defeat HezbollahBEIRUT — Fears of a hard-line Iran helped swing Christian voters from the militant Shiite group Hezbollah and deliver election victory to a pro-Western coalition in Lebanon. President Barack Obama’s outreach to Muslims lingered in voters’ minds, too. Airlines replacing speed monitors after Air France disaster; families provide DNA for IDsRECIFE, Brazil — A French nuclear submarine reached the crash zone of Air France Flight 447 on Wednesday to comb the Atlantic depths for black boxes that should help determine what brought the Airbus down in the sea off Brazil with 228 people on board. Airlines flying plane model in Air France crash seek distance from suspect sensorsDUBAI, United Arab Emirates — Several airlines flying the type of plane involved in the Air France crash said Tuesday they use a different brand of airspeed sensor than those aboard the doomed flight, distancing themselves from instruments seen as a possible factor in last week’s accident. Judge says he may not have authority to get involved in case of US citizen in UAEWASHINGTON — A federal judge expressed doubts Monday about his authority to interfere in the case of a U.S. citizen who faces trial in the United Arab Emirates on terrorism charges based on statements he says he made while being tortured. British editor of ambitious state-funded Abu Dhabi newspaper replaced after just over yearDUBAI, United Arab Emirates — The British newspaper veteran at the helm of Abu Dhabi’s ambitious English-language newspaper has been replaced little over a year after the publication’s launch. ‘Salam’ diplomacy: Obama’s words and references win favor with MuslimsDUBAI, United Arab Emirates — The tone of respect was set from the opening lines of President Barack Obama’s address to the Muslim world. Anti-pirate task force intercepts suspected pirates in the Gulf of Aden, says US NavyDUBAI, United Arab Emirates — The international anti-pirate task force patrolling the Gulf of Aden intercepted 10 suspected pirates and disarmed them on Tuesday, said a U.S. Navy statement. General Motors tells Middle East customers, dealers, it is committed to oil-rich regionDUBAI, United Arab Emirates — General Motors’ Middle East head said the oil-rich region’s operations are a “vibrant” part of the automaker and remain open for business, despite its bankruptcy protection filing. |
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